July 2023 Columbus, Ohio Regional Housing Stats

Explore the latest housing stats and what they mean for Central Ohio real estatet

No. of Sales: 2,505 | Average Sales Price: $360.814 | Days on Market: 17 | Supply of Inventory | 1.3 months

There is a constant tightening of the market. The lack of inventory is still prevalent with almost equal parts of homes going onto the market (3,167) and homes going into contract (3,059), the remaining homes in the inventory being 3,137 {Columbus Realtors July 2023 Local Market Update). It is taking longer for buyers to snatch up homes, an average of 17 days on market. All around it is still a sellers’ real estate market with months supply of inventory being 1.3 months, well below the neutral market of 5 to 7 months. Mortgage rates surging to all time 20-year high is not helping the situation either. Although, if consumers play their cards right, they could refinance in a couple of months to hopefully receive a better interest rate.

I believe consumers forget that as long as the home is easily move in ready, the seller can command the best price, still. However, as evidenced above, if the home isn’t ideal it will sit on the market for about 17 days. This is much shorter than historical days on the market of 60 to 90 days. Yet, this can impact the seller’s bottom line. Overall, sellers, you should probably do a little bit more to your home to capture the fleeting attention of home buyers.

There isn’t going to be a push on the market unless new inventory is introduced. It’s being introduced; however, falling short meeting of the region’s needs. Until housing is introduced at all price levels, there is going to be a shortage of housing with demand exceeding supply. Until this cause and effect is changed, we are perpetually stuck in this one-sided tug of war.